No surprise, the US H1-B work visa limit was reached within a week of opening for applications. A link to the USCIS announcement can be found here. The US primarily relies on three broad goals for its immigration strategy, which include reuniting families, skilled workers needed for the US economy, and providing safety and shelter to refugees and asylees. For prospective immigrants without a family connection or proof of persecution in their home country, a work visa is the sole opportunity.
The H1-B visa has historically been provided to immigrants which can demonstrate (i) a sponsoring employer, and (ii) skills unavailable through US residents. As such, it has typically been awarded to highly educated employees in Science, Technology, Engineering and Math (STEM). For workers without a graduate degree in STEM, the prospects are very slim for successfully receiving an H-1B visa.
For the wealthy foreigner, the EB-5 visa was designed under the Immigration Act of 1990 as a winning opportunity for the immigrant and their family to obtain permanent residency to the US most efficiently. Along with receiving access to all of the same benefits as anyone who is a US citizen receives, the foreigner and their family will have a high propensity for success. Currently, the US Department of State does not anticipate any backlog, meaning any immigrant who meets the criteria for US immigration will be granted permanent residency.
- No annual renewals, fees or expenses are required under the EB-5 visa because it’s permanent, rather than extended annually.
- During enrollment, there are no work limitations under the EB-5 visa program for students.
- The immigrant may continue to reside and work permanently within the US after graduation, without restrictions. Alternatively, the H1B work visa has a number of challenges and restrictions even after a degree is obtained.
- After five years of permanent residency in the US, the EB-5 visa enrollees are eligible for US citizenship automatically, whereas H1B work visas may need to undertake additional requirements to earn their permanent residency.